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SM Line denies merger with Hyundai Merchant

Logistic News - Published on Mon, 18 Mar 2019

Image Source: SG
SM Group, a midsized South Korean conglomerate, said that it has no plan to merge its shipping line with the country’s leading shipper, Hyundai Merchant Marine Co. Instead, it will aim for a turnaround this year, and seek to open routes linking to Europe and other regions.

The group said that “We don’t have any merger plan with Hyundai Merchant, and the move is unhelpful to both firms.”

However, there has been speculation that SM Line Corp. will be merged with Hyundai Merchant as they struggle to shore up their profitability amid still low freight rates.

Hyundai Merchant said earlier its operating losses widened last year from a year earlier due to unfavorable market conditions. Its operating loss reached KRW 577 billion last year, compared with a net loss of KRW 407 billion a year earlier.

Source :

Posted By : Ratan Singh on Mon, 18 Mar 2019
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